Financials IBM

Equities

IBM

US4592001014

IT Services & Consulting

Market Closed - Nyse Other stock markets 01:30:02 08/07/2025 am IST			After hours 05:27:01 am
292.47 ^USD	+0.17%		294.50	+0.69%

04/07	CoreWeave, the AI hyperscaler challenging the cloud giants
04/07	International Business Machines Corporation Presents at Bernstein 41st Annual Strategic Decisions Conference 2025, May-29-2025 09:00 AM

Projected Income Statement: IBM

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	73,620	57,350	60,530	61,860	62,753	66,242	69,148	72,140
Change	-	-22.1%	5.54%	2.2%	1.44%	5.56%	4.39%	4.33%
EBITDA ¹	15,379	-	14,739	15,447	16,400	17,395	18,761	19,536
Change	-	-	-	4.8%	6.17%	6.06%	7.86%	4.13%
EBIT ¹	8,684	-	9,937	11,052	11,263	12,504	13,315	13,822
Change	-	-	-	11.22%	1.91%	11.02%	6.48%	3.81%
Interest Paid ¹	-1,288	-1,155	-1,216	-1,607	-1,712	-1,750	-1,647	-1,597
Earnings before Tax (EBT) ¹	4,637	4,837	1,156	8,690	5,797	9,950	10,915	11,569
Change	-	4.31%	-76.1%	651.73%	-33.29%	71.64%	9.7%	5.99%
Net income ¹	5,590	5,743	1,639	7,502	6,023	8,709	9,577	10,381
Change	-	2.74%	-71.46%	357.72%	-19.71%	44.59%	9.97%	8.4%
Announcement Date	21/01/21	24/01/22	25/01/23	24/01/24	29/01/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	18,123	17,560	20,367	17,730	18,745	17,618	16,695	14,197	15,535	14,107	16,690	14,252	15,475	14,752	17,381	14,462	15,770	14,968	17,553	14,541	16,568	16,046	19,038	15,379	17,247	16,571	19,584	15,590
Change	-	-3.11%	15.99%	-12.95%	5.72%	-6.01%	-5.24%	-14.96%	9.42%	-9.19%	18.31%	-14.61%	8.58%	-4.67%	17.82%	-16.79%	9.04%	-5.09%	17.27%	-17.16%	13.94%	-3.15%	18.65%	-19.22%	12.14%	-3.92%	18.18%	-20.39%
EBITDA ¹	4,224	4,545	4,044	3,748	4,482	4,282	5,013	2,904	3,642	3,130	5,063	2,650	3,632	3,602	5,565	2,759	4,025	3,631	5,600	3,400	4,329	4,154	5,950	3,456	4,720	4,882	6,744	-
Change	-	7.6%	-11.02%	-7.32%	19.58%	-4.46%	17.07%	-42.07%	25.41%	-14.06%	61.76%	-47.66%	37.06%	-0.83%	54.5%	-50.42%	45.89%	-9.79%	54.23%	-39.29%	27.32%	-4.04%	43.22%	-41.92%	36.6%	3.42%	38.14%	-
EBIT ¹	2,546	2,862	2,345	2,076	2,802	2,598	3,633	1,647	2,397	1,967	3,926	1,576	2,556	2,509	4,413	1,627	2,870	2,363	4,403	1,940	3,109	2,830	4,865	2,337	3,217	2,912	4,985	-
Change	-	12.41%	-18.06%	-11.47%	34.97%	-7.28%	39.84%	-54.67%	45.54%	-17.94%	99.59%	-59.86%	62.18%	-1.84%	75.89%	-63.13%	76.4%	-17.67%	86.33%	-55.94%	60.26%	-8.97%	71.89%	-51.96%	37.66%	-9.48%	71.19%	-
Charge d'intérêts ¹	-323	-323	-317	-280	-281	-291	-303	-311	-297	-295	-313	-367	-423	-400	-405	-432	-427	-429	-424	-455	-433.3	-433.4	-432.5	-400.5	-400	-398.8	-397.6	-
Earnings before Tax (EBT) ¹	1,571	1,827	1,289	905	1,552	1,319	2,869	623	1,722	-4,501	3,312	1,058	2,000	1,873	3,759	1,074	2,219	-802	3,306	1,158	2,451	2,207	4,179	1,250	2,410	2,000	4,150	-
Change	-	16.3%	-29.45%	-29.79%	71.49%	-15.01%	117.51%	-78.29%	176.4%	-361.38%	173.58%	-68.06%	89.04%	-6.35%	100.69%	-71.43%	106.61%	-136.14%	512.22%	-64.97%	111.69%	-9.98%	89.38%	-70.09%	92.8%	-17.01%	107.5%	-
Net income ¹	1,361	1,698	1,356	955	1,325	1,130	2,332	733	1,392	-3,196	2,711	927	1,583	1,704	3,288	1,605	1,834	-330	2,915	1,055	2,117	1,923	3,672	1,142	2,140	1,787	3,636	-
Change	-	24.76%	-20.14%	-29.57%	38.74%	-14.72%	106.37%	-68.57%	89.9%	-329.6%	184.82%	-65.81%	70.77%	7.64%	92.96%	-51.19%	14.27%	-117.99%	983.33%	-63.81%	100.68%	-9.17%	90.98%	-68.9%	87.39%	-16.5%	103.47%	-
Announcement Date	20/07/20	19/10/20	21/01/21	19/04/21	19/07/21	20/10/21	24/01/22	19/04/22	18/07/22	19/10/22	25/01/23	19/04/23	19/07/23	25/10/23	24/01/24	24/04/24	24/07/24	23/10/24	29/01/25	23/04/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: IBM

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	47,263	44,147	42,108	43,085	40,168	38,950	28,746	22,205
Change	-	-6.59%	-4.62%	2.32%	-6.77%	-3.03%	-26.2%	-22.75%
Announcement Date	21/01/21	24/01/22	25/01/23	24/01/24	29/01/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: IBM

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	3,042	2,381	1,860	1,488	1,127	1,581	1,668	1,723
Change	-	-21.73%	-21.88%	-20%	-24.26%	40.33%	5.46%	3.32%
Free Cash Flow (FCF) ¹	10,805	6,508	9,291	11,210	12,749	13,508	14,503	15,448
Change	-	-39.77%	42.76%	20.65%	13.73%	5.96%	7.36%	6.52%
Announcement Date	21/01/21	24/01/22	25/01/23	24/01/24	29/01/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: IBM

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	20.89%	-	24.35%	24.97%	26.13%	26.26%	27.13%	27.08%
EBIT Margin (%)	11.8%	-	16.42%	17.87%	17.95%	18.88%	19.26%	19.16%
EBT Margin (%)	6.3%	8.43%	1.91%	14.05%	9.24%	15.02%	15.78%	16.04%
Net margin (%)	7.59%	10.01%	2.71%	12.13%	9.6%	13.15%	13.85%	14.39%
FCF margin (%)	14.68%	11.35%	15.35%	18.12%	20.32%	20.39%	20.97%	21.41%
FCF / Net Income (%)	193.29%	113.32%	566.87%	149.43%	211.67%	155.11%	151.43%	148.81%
Profitability
ROA	5.05%	3.99%	6.42%	5.73%	7.11%	6.42%	6.64%	6.82%
ROE	37.52%	36.33%	40.77%	33.79%	38.86%	34.25%	30.72%	28.72%
Financial Health
Leverage (Debt/EBITDA)	3.07x	-	2.86x	2.79x	2.45x	2.24x	1.53x	1.14x
Debt / Free cash flow	4.37x	6.78x	4.53x	3.84x	3.15x	2.88x	1.98x	1.44x
Capital Intensity
CAPEX / Current Assets (%)	4.13%	4.15%	3.07%	2.41%	1.8%	2.39%	2.41%	2.39%
CAPEX / EBITDA (%)	19.78%	-	12.62%	9.63%	6.87%	9.09%	8.89%	8.82%
CAPEX / FCF (%)	28.15%	36.59%	20.02%	13.27%	8.84%	11.71%	11.5%	11.15%
Items per share
Cash flow per share ¹	20.3	14.15	11.44	15.11	14.35	16.63	16.48	17.05
Change	-	-30.3%	-19.14%	32.08%	-5.04%	15.93%	-0.92%	3.48%
Dividend per Share ¹	6.51	6.55	6.52	6.63	6.67	6.743	6.843	6.885
Change	-	0.61%	-0.46%	1.69%	0.6%	1.09%	1.48%	0.63%
Book Value Per Share ¹	23.13	21.09	24.31	24.63	29.14	33.62	38.76	44.45
Change	-	-8.82%	15.24%	1.3%	18.32%	15.38%	15.3%	14.67%
EPS ¹	6.23	6.35	1.8	8.14	6.43	9.086	9.868	10.39
Change	-	1.93%	-71.65%	352.22%	-21.01%	41.31%	8.61%	5.3%
Nbr of stocks (in thousands)	8,91,057	8,96,800	9,04,126	9,13,119	9,24,645	9,09,397	9,09,397	9,09,397
Announcement Date	21/01/21	24/01/22	25/01/23	24/01/24	29/01/25	-	-	-